By Sheri Kasprzak
New York, Jan. 18 - Coastal Contacts Inc. said it priced a C$20 million private placement of special warrants.
The offering includes 8 million special warrants at C$2.50 each.
A syndicate of underwriters led by Versant Partners Inc. and including Orion Securities Inc. and Octagon Capital Corp. has an over-allotment option for up to 1 million additional special warrants.
Each special warrant is exchangeable on a one-for-one basis once a final prospectus covering the shares is filed.
The offering is expected to close on Jan. 31.
Proceeds will be used for international mergers, sales and marketing initiatives and working capital.
Based in Vancouver, B.C., Coastal Contacts is a direct marketer of contact lenses.
Issuer: | Coastal Contacts Inc.
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Issue: | Special warrants exchangeable for common shares
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Amount: | C$20 million
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Special warrants: | 8 million
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Greenshoe: | For 1 million special warrants
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Price: | C$2.50
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Warrants: | No
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Underwriters: | Versant Partners Inc. (lead), Orion Securities Inc., Octagon Capital Corp.
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Pricing date: | Jan. 18
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Settlement date: | Jan. 31
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Stock symbol: | TSX Venture: COA
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Stock price: | C$2.69 at close Jan. 18
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